Great Indian Expectations

Delhi's political class needs a dose of realism. It can't afford welfare schemes without growth.

By

Sadanand Dhume

Sept. 6, 2012 12:12 p.m. ET

Just when you thought India's economic story couldn't get any more depressing, it does. In the World Economic Forum's annual Global Competitiveness Report released Thursday, India fell three spots to 59th among 144 countries surveyed. Over the past three years, India has plummeted 10 places, slipping behind fellow BRICS economies South Africa and Brazil. It now trails 30 places behind putative rival China.